Solana (SOL) price has sustained its upward trajectory and has now attained the anticipated target of $33.51, as per the cryptocurrency price analysis provided by Coinidol.com.
Solana’s Long-Term Price Outlook: Optimistic
Solana witnessed a peak at $33.92 before experiencing a downturn. To put it differently, the altcoin has been trading beneath the $34.00 resistance threshold since October 25. Further upward movements for the altcoin appear improbable as the market has ventured into an overbought territory. On July 14, Solana also reached a high of $32.50 before encountering a similar market response. In this instance, the cryptocurrency exhibited a lengthy candle wick following a sharp decline beyond the $26 support. The elongated candlestick wick is indicative of robust selling pressure at elevated price levels. Concurrently, the cryptocurrency’s price remains situated beneath the $34 barrier zone.
Analysis of Solana’s Price Indicators
Solana is on an upward trajectory, as the price bars consistently remain positioned above the moving average lines. In proximity to the resistance zone, the lower time frame price bars are situated above the 21-day Simple Moving Average (SMA). The recent price surge has encountered a pause at its recent peak. However, should the bulls be unable to breach the resistance zone, there is a potential for Solana to dip below the 21-day SMA.
![](https://sollcrypto.com/wp-content/uploads/2023/10/Screen-Shot-2023-10-29-at-8.48.56-PM.png)
Technical Zones of Interest:
Notable Resistance Levels: $20, $25, $30
Significant Support Levels: $10, $5, $1
What lies ahead for Solana?
Solana has shown signs of bullish fatigue following its retest of the $34 level. Since October 25, the altcoin has been trading in a sideways fashion beneath the resistance zone. A potential downturn may occur when sellers enter the overbought segment of the market.
![](https://sollcrypto.com/wp-content/uploads/2023/10/Screen-Shot-2023-10-29-at-8.50.16-PM.png)
As of October 15, 2023, experts in cryptocurrency analysis from Coinidol.com observed that the cryptocurrency asset had dipped below the 21-day Simple Moving Average (SMA) while still maintaining its position above the 50-day Simple Moving Average. Two days prior, on October 13, buyers managed to uphold the price above the 21-day SMA, indicating the potential for an upward movement in the cryptocurrency.